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GK
GK Set-1
Economics
Micro Economics
Micro Economics MCQ (GK Set-1) with Answers
11)
If an economy is operating on its production possibilities frontier, it must produce less of one good if it produces more of another
yes
no
could not say
There is not enough information to answer this question
Answer
Answer is:
could not say
12)
Points outside the production possibilities frontier are attainable but inefficient
yes
no
could not say
There is not enough information to answer this question
Answer
Answer is:
no
13)
If an economy were experiencing substantial unemployment, the economy is producing inside the production possibilities frontier
yes
no
could not say
There is not enough information to answer this question
Answer
Answer is:
yes
14)
The production possibilities frontier is bowed outward because the trade-offs between the production of any two goods are constant.
yes
no
could not say
There is not enough information to answer this question
Answer
Answer is:
no
15)
An advance in production technology would cause the production possibilities curve to shift outward
yes
no
could not say
There is not enough information to answer this question
Answer
Answer is:
yes
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